LegalSol : Legal Firms IFA Solution

We have found that legal firms partnering with Independent Financial Advisers (IFAs) can certainly increase their fee income and therefore their bottom line profitability. There are many synergies between the two professions and may examples of where this type of partnership can create win win win situations, for the legal firm, IFA and more importantly the end user client. After all, a good IFA is, in essence, a new and extra service for a legal firm’s client that can ultimately mean, fresh referrals.

Factored in to any agreed arrangement would be control, to you – the lawyers – over who advises clients on your financial services. And, there’s no risk associated with striking up such a partnership as compliance is outsourced to a professional outfit. IFAs will look to get a solution in place for the legal firm’s client.

But reaching that point would firstly involve them looking at a client’s financial muscle and strength of resource. Considerations over any future plans will also be part of the process, before sound investment and protection advice is then tailored to your needs. Partnering with IFAs will help you stand out remember – and offer more than ‘the norm’. IFAs can also be a rewarding client service for many firms and offer extra reassurance, above what the usual client lawyer relationship does.

So, why not get the best possible advice out there, if you can?

It makes sense to go down this path. Good IFAs will offer advice on any relevant matter, but more importantly recommend suitable solutions from the whole market. Ideally you would want your chosen IFA to be a specialist in a specific area – for example mortgages, investments, pensions, tax planning or business protection.

Further on your client can be introduced to the IFA, where the magic will then hopefully happen.

Mamucium Capital is experienced when it comes to working with accountants, lawyers, estate agents and insurance practices.

Since inception Mamucium has had formal introducer agreements to provide financial advice to clients – with more than 50% of new clients introduced by these arrangements.

It just goes to show that it’s well worth pursuing a partnership with an IFA if you’re a legal firm. You’ll also have the opportunity get business from the IFA.

If you’d like any further information on how Mamucium can help you, connect with us on Twitter or get in touch directly today.